我国实施资产证券化的对策分析

Countermeasure Analysis on Asset Securitization Implementation in China

资产证券化是20世纪金融衍生工具创新的重要成果,我国具有开展资产证券化条件,具备实施资产证券化的可行性。住房抵押贷款是银行的资产,银行将其作为发行债券的根源来发行债券,开展资产证券化的切入点是居民住房抵押贷款,即商业银行将居民个人住房抵押贷款这一资产出售给专门的机构,实现银行资产的提前变现,然后由专门机构组织这些资产的信用担保及评级,最后发行证券。该资产进行证券化肯定也存在相应的风险,从政策、制度层面提出相应的建议,以推动资产证券化在我国的开展。

Asset Securitization is regarded as one of the most important financial tool＇s innovations in the twentieth century. The condition of developing property securitization and the feasibility of implementing property securitization has been prepared in China. The housing collateral loan is the bank＇s assets and is adopted for an origin of issuing bonds and also as a cutting--in point of carrying out asset securitization, that is, the commercial bank will sell residential building mortgage loan to some special agencies, changing the bank＇s assets to cash ahead of time, and then the special agencies will organize these assets＇ credit guarantee and rating, at last bonds will be issued. There exists some risks during this course, some corresponding proposals to promote the development of property securitization in our country are put forward from the angle of the policy and system.